Daily FNArena News - FYI

Good news from McDonald’s and GM pushed the Dow higher in light trade while the financial sector also benefited from some positive developments.

Wall Street range traded last night as oil and wheat posted record highs and the dollar fell to an all time low against the euro. The I-word is back.

Weekly musings from your editor. Who wants to join me whale hunting?

The Dow put on 180 points last night as Bernanke said nothing in Europe, the US dollar weakened, gold surged, and oil hit an all time high.

As investors factor in rate cuts in the US foreign exchange markets are re-pricing accordingly with the US dollar weakening and the Australian currency being supported by interest rate differentials.

Wall Street was unsure just what clues were provided by various Fed statements last night, while a Japanese recession looks more clear.

The market was expecting payrolls to rise by 110,000 in August. The real number came as a big shock.

There is little in the way of economic data to focus on in the US until Friday, and Australia is quiet as well.

A big surge in the gold price saw Comex futures close over the magic US$700/oz level while Middle East tensions and low inventories sent oil ever higher. The Dow closed modestly higher.

The Dow was down 143 points last night in choppy trade. It seemed all news was bad news.